New Jersey-based Woodmont Industrial Partners has sold a 520,000 s/f industrial property in the southeastern U.S. for $18 million.
The Mt. Zion Industrial Center at 1791 Mount Zion Road in Morrow, Georgia was acquired by RealOp Investments, a commercial real estate investment company, on behalf of an institutional investor.
Woodmont, an affiliate of Fairfield, NJ-based Woodmont Properties, acquired the property for $9.2 million in 2018 and completed a major capital improvements program. The property was successfully leased to transportation and logistics services provider XPO Logistics, which occupies the full 519,500 s/f distribution center.
“Woodmont Industrial Partners continues to actively and strategically expand its footprint into industrial markets along the eastern corridor of the United States,” said Anthony Amadeo, Vice President at Woodmont Industrial Partners.
“By combining our redevelopment platform with our ground-up development experience we have been able to leverage a value-add approach in a number of states and markets. We successfully executed on our strategy in the greater Atlanta region and we were pleased to sell the newly-positioned asset to a very reputable buyer.”
RealOp Investments was represented by Brandon Abdelnour, Director of Investment Sales at Encore Real Estate Investment Services, in the transaction.
Mt. Zion Industrial Center is located 10 miles from growing the Hartsfield-Jackson Atlanta International Airport and less than 20 miles from Downtown Atlanta and provides easy access to Interstate 75.
Woodmont Industrial’s growth goal is to acquire an additional two million square feet of existing value-add opportunities and/or land for development within the next 12 months in major transportation corridors. Over the last several years, the company has purchased and sold nearly five million square feet of industrial space strategically located in a number of intermodal markets along the east coast including New York, New Jersey, Pennsylvania, Georgia, and Florida.